Skip to main content

AltaGas ALA-T (Friday’s close $29.89) built a large bullish base in the shape of a “W” pattern from 2018 to 2020 (dashed lines). It had a breakout from this formation in 2021, reached a high of $26.94 in August, 2021 (A) and then settled in a narrow horizontal trading range mostly between $24 and $27 for about six months (dotted lines). The recent rise above this range signalled a breakout and the start of an uptrend toward higher targets (B).

Behaviour indicators including the rising 40wMA confirm the bullish status. There is good support near $27.50 to $28; only a sustained decline below ±$27.00 would be negative. Point & Figure measurements provide targets of $33 and $36. The large “W” formation supports higher targets.


Monica Rizk is the senior technical analyst of the Phases & Cycles publication ( Chart source:

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.